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Jinko Solar Will Spend RMB 18.68 Billion to Add Production Capacity for Solar and Energy Storage Products in Zhejiang

published: 2023-01-09 9:30

On January 3, Jinko Solar (JinkSolar) held a ceremony in Haining to mark the signing of two project investment agreements. Under these agreements, Jinko will set up a project for manufacturing high-efficiency PV cells and modules and a project for manufacturing energy storage systems in Haining. The total investment in the two projects is estimated around RMB 18.68 billion. The project related to PV products will comprise 11GW per year of cell production capacity and 15GW per year of module production capacity. Haining is a county-level city located in the Yangtze River Delta (China’s Zhejiang Province). This event was first reported by other Chinese news websites.

Jinko Solar has been a sales leader in the global market for PV products. Besides being a vertically integrated manufacturer for PV products, Jinko also develops and sells other kinds of clean energy solutions. Regarding these two new projects, Jinko have landed them in Haining because it has long cultivated a presence in the city. In fact, the company’s investments in the city have been growing over the past decade or so. Therefore, the company has a very positive outlook with respect to cooperation with the local government.

According to the information provided by Jinko, the two projects will span a total area of around 350 mu. The project related to energy storage products is expected to generate around RMB 25 billion in annual output value and around RMB 600 million in annual tax revenue. As for the project related to PV products, it is expected to generate RMB 30 billion in annual output value and around RMB 1 billion in annual tax revenue.

Cao Guoliang, who serves as the secretary of the municipal party committee in Haining, said Jinko’s local business operations have grown in scale and strength since their establishment. Among all the companies that are operating in the city, Jinko is the first to reach RMB 10 billion in scale. Thanks to the support of the government of Jiaxing (i.e., the prefecture-level city that administers Haining), Jinko has decided to set up more local industrial projects, thereby extending the industry chains for PV and energy storage products.

As a vertically integrated manufacturer, Jinko continues to lead the industry with respect to technological upgrades, improvements to product quality, and investment returns. At the same time, Jinko helps drive the socioeconomic development of Haining, particularly in the aspect of the growth of local manufacturing. As a result, Haining now has a prime position in China’s new energy sector. By landing the two new projects in the city, Jinko hopes to attract other strategic investments that will help complete the local industry chains for PV products and energy storage systems.

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